Categories: Ripple

Ripple partners with BPG Group for tokenization of precious metals

Ripple, the company behind the synonymous cryptocurrency has moved into a very interesting direction with its consensus ledger. It has partnered with BPG Kovine, a precious metal refiner to provide investors an alternative way to invest and trade in physical assets like gold and silver.

BPG Group is a company based out of Slovakia. The group is a precious metal refiner, also into fund management, recycling, refining etc.

According to the press release,

“Distributed ledger technology is a game changer and supplying metals on Ripple blockchain is solving many challenges that have traditionally been part of the user experience with exchange-traded funds or physical precious metals. Ripple implementation in metals trading is just the start of the adoption of blockchain technology which will radically transform the economy.”

The overheads that result from the existing trading system can be radically decreased with the implementation of DLT. DLT also provides transparency to the securitization of physical assets as well. Therefore, it can provide a greater clarity into this complex system creating more room for innovation and optimization.

BPG has created a gateway called ekovind or e-Metals where investors can trade commodities like gold, silver, palladium etc through their respective tokens XAU or XAG. These tokens act as an IOU for which holders of these tokens receive physical ownership of the commodities. The commodities will be stored in BPG’s vault or their security carrier partner Malca Amit.

This represents another significant use case for Ripple Labs. Whatever doubts people may have on their cryptocurrency XRP, there is no doubt that the Ripple Consensus Ledger has provided tremendous interest from banks across the world like UBS, Standard Chartered etc. Now, this use case represents another trillion dollar opportunity to exploit.

RPG Group Tweeted:

 


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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Abhishek Ajit

Abhishek was the co-founder of Blockmanity, he has a background in finance and has a good understanding of Bitcoin and other Cryptocurrencies from an economic standpoint. He is passionate about research and fundamental analysis.

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Abhishek Ajit
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